Comment on Trump voter lost her home to new Treasury secretary

Trump voter lost her home to new Treasury secretary

OneWest, a bank formerly owned by a group of investors headed by Mnuchin, had foreclosed on her Los Angeles-area home in the aftermath of the Great Recession, stripping her of the two units she rented as a primary source of income. Less than a month after his presidential win, Trump's populist appeal has started to clash with a Cabinet of billionaires and millionaires that he believes can energize economic growth. When asked on Wednesday about his credentials to be Treasury secretary, Mnuchin emphasized his time running OneWest_which not only foreclosed on Colebrook but also thousands of others in the aftermath of the housing crisis caused by sub-prime mortgages. [...] the prospect of Mnuchin leading the Treasury Department prompted Colebrook and other OneWest borrowers who say they unfairly faced foreclosure to contact The Associated Press. The group struck a deal that left the Federal Deposit Insurance Commission responsible for taking as much as 80 percent of the losses on former IndyMac assets and rebranded the troubled bank as OneWest. The combination of OneWest's profitability, government guarantees and foreclosure activities drew the ire of activist groups like the California Reinvestment Coalition. [...] she said that One West Bank lost paperwork, provided conflicting statements about ownership of the loan and fees and submitted charges that were unverified and caused her loan balance to balloon.

 

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